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Precinct reports no major Wellington damage, hires assessor

Precinct Properties reports no major Wellington damage, hires assessor

July 22 (BusinessDesk) - Precinct Properties New Zealand, which counts its 10 office towers in Wellington’s central business district as 40 percent of its $1.6 billion portfolio, says it has suffered no major damage from yesterday’s 6.5 magnitude earthquake.

The city was shaken by the quake at 5.09 pm yesterday, the peak of a swarm of earthquakes centred off the coast of the upper South Island near Seddon. Authorities have advised workers in Wellington’s CBD to stay at home pending building checks after glass and rubble was sent falling into the streets and commuter train services were halted.

Precinct said it has hired seismic engineers Holmes Consulting Group to begin structural assessments of its buildings starting today. It had previously used the firm in 2011 to assess the seismic strength of its buildings.

“A further update on the outcome of the inspections will be provided as information becomes available,” Precinct said.

Shares of Precinct were last at $1.07 on Friday and have gained 8.1 percent this year.

(BusinessDesk)

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